Malaysia: 3Q GDP slows to 5.3% Malaysia’s GDP growth for 3Q 2010 moderated to 5.3% y-o-y, largely due to weaker external demand amidst a slowdown in the global economy. Private sector consumption led the domestic demand expansion of 5% y-o-y by growing 7.1%. Public sector consumption contracted 10.2%, while exports increased 6.6% and imports grew by 11%, resulting in a decline in net exports of 31.7%. Most sectors continued to expand. Agriculture grew 2.7%, manufacturing expanded 7.5%, construction increased 2.8%, and services grew 5.4%. Q-o-q, the economy grew 2.4%.Net foreign direct investment increased to RM5bn from RM2.4bn q-o-q. (Financial Daily)
Thailand: Economic growth slows as global demand eases
Thailand’s economy grew at the slowest pace in three quarters as exports eased and agriculture declined, prompting the government to predict the central bank will refrain from raising interest rates for the next year. 3Q 2010 GDP rose 6.7% y-o-y, lower than median estimates of a 7.2% growth. 2Q 2010 GDP growth was revised to 9.2%. Q-o-q, the economy shrank by 0.2%, putting the country into a technical recession after GDP fell 0.6% q-o-q in 2Q 2010. (Bloomberg)
Hong Kong: Consumer prices increased 2.6% in October
Hong Kong’s inflation rate held above 2% for a straight third month in October on higher rents and food prices. Consumer prices increased 2.6% y-o-y, the same as in September. That was more than the median 2.4% estimate. Private home rents rose 15% in October y-o-y. Excluding one-off government measures like electricity subsidies and property rates waivers, inflation was 2.3%, compared with 2.2% in September. Hong Kong this month boosted its 2010 inflation estimate to 2.5% from an August forecast of 2.3%. (Bloomberg)
EU: Irish aid bid triggers election and may prompt Moody’s downgrade
Ireland’s bid for financial aid prompted Prime Minister Brian Cowen to call elections after support for his government unraveled. He said the vote will come early next year after passage of a 2011 budget. A rescue package estimated to total EUR95bn failed to damp speculation that Portugal and Spain would follow Ireland in tapping the fund set up by the EU and IMF. Meanwhile, Moody’s said Ireland’s bailout may increase the debt burden and pose a “credit negative” for the country. A multi-notch downgrade from its current Aa2 rating, leaving Ireland ‘s rating still within the investment-grade category, is now the most likely outcome. (Bloomberg)
EU: November consumer confidence unexpectedly increases
European consumer confidence unexpectedly rose in November, suggesting the region’s recovery may be weathering government budget cuts. The index of consumer sentiment increased to minus 9.5 from a revised minus 10.9 in October, the highest since Dec 2007 and beating a forecast of minus 11. In Germany, Europe’s largest economy, investor confidence rose for the first time in seven months in November. (Bloomberg)
US: Consumer property prices jump most on record
US commercial property prices rose 4.3% in September m-o-m, the biggest gain in a decade of records. The Moody’s/REAL index climbed 0.3% y-o-y as a small number of high-priced deals drove up values. The measure had fallen to an eight-year low in August and is still 43% below its Oct 2007 peak. While the number of repeat sales had only a “slight uptick” in September, the dollar volume of those transactions doubled from August to $3.7 billion. That was the largest volume since Jan 2008. (Bloomberg)
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